So you guys would love this one. We just paid off one of our mortgages and I'll tell you what doing that was a huge pain in the butt when dealing with Citimortgage. As of May 10th we owed $11,000 on our mortgage. We first made an online payment for 10k and that posted on Citi's website as paid. The next day I called Citi and asked them for a pay off amount which with fees and interest as of the 15th of May was $1341.00, so I sent off a letter authorizing the use of the funds to pay off the loan in full. Over a week later I checked my bank account again to see that the 10k amount was still in my account. So I called the bank and they stated that CitiMortgage hadn't tried yet to draft the amount. So I called Citi and they told me that the loan was paid in full, that a letter was in the mail to prove it.
I waited another week and then called Citi back after I noticed that the 10k was still in the bank and they stated that the loan is paid in full and is off the books. Today I get a call from a representative who states that I owe 10k and that the bank denied the withdrawl of the money on the 16th. So she transfers me to the pay department where the lady tells me that I don't owe anything and that their balance sheets show paid for.

So I proceed to ask for a manager who says that those customer service people were all wrong and that I should send a certified check for 10k and a letter for authorization to pay off the loan in full.

Is it just me or is this another example of a bank that is to big to have a clue? I won't ever do business with them again. I need a drink.. ahhh!!!

Risk comes from not knowing what you're doing. (Warren Buffet)

Thu May 23, 2013 8:39 pm

WinoSenior Member

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I am dreading what I know will be a similar experience very soon. Wells Fargo holds my mortgage. The real problem with your statement that you'll never do business with Citimortgage again is that the banks buy and sell mortgages like they're baseball cards. I never got a loan with Wells Fargo, but they own it now.

At one point it was held by Bank of America. I had a real problem writing checks to them due to earlier problems. No need to go into details, but let's say I had said I would never bank with BofA ever again in my life. How did that work out for me?

Fri May 24, 2013 1:19 am

coasterSenior Advisor

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No, it's not you. It's the banks. They couldn't care less.

~Tim~

Fri May 24, 2013 4:00 am

littleroc02usModerator

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quote:Originally posted by Wino The real problem with your statement hat you'll never do business with Citimortgage again is that the banks buy and sell mortgages like they're baseball cards. I never got a loan with Wells Fargo, but they own it now.

I hear ya on that. The only way to get out of it is to buy your house with cash.

I think the problem is that today the money is made on the sale and on the servicing, not on the interest. Banks should never have been allowed to get into the securities business.

exactly, they need to have some skin in the game as far as being the originator. Not just establish the loan and the sell it off to another bank and not see it through.

Risk comes from not knowing what you're doing. (Warren Buffet)

Fri May 24, 2013 3:39 pm

coasterSenior Advisor

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So, how did this shake out? Update us when it resolves.

~Tim~

Wed May 29, 2013 4:28 am

littleroc02usModerator

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quote:Originally posted by coasterSo, how did this shake out? Update us when it resolves.

They mailed out another letter on Monday to say everything was paid off, but yet the 10k I sent in the mail on Friday hadn't arrive yet. I'll just call everyday until I know they've received the last payment. What's funny is that each customer service person I speak with doesn't have current information, they all state that the mortgage is paid off, but yet the check is in the mail for a second time to pay off the debt. Customer service is clueless, you have to go to a manager to get something done. I was under the impression that they worked for the same company. LOL!!!! One can only hope.

Risk comes from not knowing what you're doing. (Warren Buffet)

Wed May 29, 2013 2:27 pm

soybeanFull Member

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quote:Originally posted by littleroc02us

quote:Originally posted by Wino The real problem with your statement hat you'll never do business with Citimortgage again is that the banks buy and sell mortgages like they're baseball cards. I never got a loan with Wells Fargo, but they own it now.

I hear ya on that. The only way to get out of it is to buy your house with cash.

Or, use a credit union the next time around.

Thu May 30, 2013 7:08 pm

littleroc02usModerator

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I did, but it was sold to Citimortgage, so no that doesn't help. Get this so I called them today gain after a week after sending in my certified check for 10k and after speaking to uninformed representative after another i finally got to speaking with a supervisor that is trying to help me locate the payment I sent in. They are unable to provide with me any information at this point and when I asked for a direct line to a representative who had a clue about the issue, they declined the service. Nice company.
Still waiting...........

Risk comes from not knowing what you're doing. (Warren Buffet)

Fri May 31, 2013 6:32 pm

littleroc02usModerator

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Day 23. So after hoping this week the payment would show up at their desk and numerous calls with awful service, the payment hasn't shown up. My bank will require that I do a stop payment on the cashier's check and to issue a new one. Charge $30. This time I'm going to send it Fed-ex overnight and send the tracking number to Citi and hope that this will resolve everything. My goal is to have this all done before Day 30. Ha Ha!!!!

Risk comes from not knowing what you're doing. (Warren Buffet)

Thu Jun 06, 2013 7:48 pm

blixetPreferred Member

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Wow, what a nightmare! I sure hope you can finally get this thing settled soon.

Information is more valuable sold than used – Fischer Black

Thu Jun 06, 2013 8:30 pm

coasterSenior Advisor

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They really should waive the stop-payment fee. Have you asked? The whole situation is their fault; you shouldn't be suffering any damages.

In fact, though it's not worth the time, effort and expense, if they don't waive the fee, you could have a little fun by taking them to small claims court, and when you get a judgment in your favor (because they didn't show up to defend themselves, if nothing else) you could get a lien against the bank's assets. Then show up a minute before closing time to serve the lien.

~Tim~

Fri Jun 07, 2013 3:38 am

littleroc02usModerator

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quote:Originally posted by coasterThey really should waive the stop-payment fee. Have you asked? The whole situation is their fault; you shouldn't be suffering any damages.

In fact, though it's not worth the time, effort and expense, if they don't waive the fee, you could have a little fun by taking them to small claims court, and when you get a judgment in your favor (because they didn't show up to defend themselves, if nothing else) you could get a lien against the bank's assets. Then show up a minute before closing time to serve the lien.

LOL, I'm gonna seize their assets..

Risk comes from not knowing what you're doing. (Warren Buffet)

Fri Jun 07, 2013 1:05 pm

littleroc02usModerator

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Day 24. So I went to my Credit Union today and explained to them my ordeal and they simply agreed to not charge me for the stop payment on my cashiers check that was lost by USPS. Great service. But it's kind of funny because none of the tellers knew how to do this service. After about 45 minutes a new check was issued. I then proceeded to FedEx where I ground serviced the check to CitiMortgage and then called Citi to give them the tracking number. So I believe I've done all I can. Last week, I needed a beer. Tonight I need at least half a dozen.